Pune, with its rapidly evolving IT hubs, world-class educational institutions, and rich cultural heritage, is becoming a dream destination for investors. You can build a dream house, create a thriving business, and watch your investment grow as Pune continues its march towards becoming a megacity.
If you’re looking for a place to invest your hard-earned money, a villa plot in Pune is a great choice. But before you start investing in every villa plot you see, there are a few essential things you need to know. This blog will guide you through the critical checks you should make before signing the contract.
A Step-by-Step Guide to Buying Villa Plots in Pune
Location Scouting
Pune offers great neighbourhoods to suit every taste. Focus on areas that suit either all or most of your lifestyle preferences. But, don’t rush—think wisely. Look for areas with upcoming infrastructure projects, access to essential amenities, and easy connections to roadways.
Land Hunting
Online platforms are a convenient starting point, but they often showcase the best-case scenario. Don’t hesitate to explore beyond the virtual realm. Partner with a reputable real estate agent who knows Pune’s market well. They can be your trusted advisor, negotiating on your behalf and guiding you through the process. Keep an eye on land auctions, where you might find hidden gems.
Due Diligence
This non-negotiable phase is where you protect your investment. Contact a reputable and qualified lawyer to conduct a meticulous title search and review all relevant documents. Obtain an Encumbrance Certificate (EC) to verify that the land is free from legal encumbrances or disputes. If you’re looking at land for non-agricultural use, ensure the seller has obtained the necessary NA (Non-Agricultural) order. Otherwise, you might end up with a farm instead of a villa.
Closure
Negotiation is a crucial part of this process. Don’t hesitate to assert your interests and seek a fair price that aligns with market conditions. Make an offer to the seller, leaving some room for negotiation. Once you’ve reached an agreement, ensure a comprehensive sale agreement is drafted that outlines the terms and conditions of the sale, including the price, payment schedule, and possession date. The final step is registering the sale deed at the sub-registrar’s office. This legally transfers ownership of the villa plot to you.
Important Considerations: Beyond Basics
Hidden Costs
Remember that the sticker price of a NA villa Plot is just the beginning. You will also need to pay for:
- Stamp Duty: This government fee can significantly add to your overall costs.
- Brokerage: If you the help of an agent, include their fees in your budget.
- Development Charges: Depending on the location, you may need to pay development charges to local authorities for infrastructure upgrades.
- Utilities: Consider the cost of connecting the land to power, water, and sewer lines.
Environment
Buying villa land isn’t just about buying a piece of land, it’s about building the future. Thus, you will need to consider:
- Soil Testing: Conduct soil testing before any kind of construction to determine the suitability of the soil for building, and the type of foundation required.
- Flood zones: Determine if the land is located in an area prone to flooding.
- Future Development: Analyse upcoming projects in the area. A subway, an overhead metro line, or a highway can significantly impact the value of your land.
Always consult with attorneys and financial professionals throughout the process. Their expertise will protect your interests and make the process more productive.
Your Dream Villa Awaits
Buying a villa plot in Pune can be a rewarding investment, but even though it can be a long process, it doesn’t have to be a tedious one. Look no further than 46 Banyan Tree for your dream villa plot in Pune. With over 20 amenities and a location near major IT hubs and city centres, it’s the perfect choice for living amidst nature in quiet luxury.
By following this guide and conducting thorough due diligence, you’ll be well on your way to becoming a proud landowner in this dynamic city. To know more about the plot buying process, read this blog: Things to check before buying a villa plot